News from 2024
G-24 addresses global economic concerns amid geopolitical tensions
By Globe Banner | Oct 22, 2024
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) recently convened in Washington, D.C., addressing several pressing global issues. The meeting, chaired by Ralph Recto from the Philippines, focused on humanitarian crises, economic stability, and multilateral cooperation.
Kuwait accepts fisheries subsidies agreement; joins other Arab nations in sustainable efforts
By Globe Banner | Oct 22, 2024
Kuwait has formally accepted the Agreement on Fisheries Subsidies, becoming the seventh Arab nation to do so. Director-General Okonjo-Iweala welcomed this move, stating that Kuwait's acceptance is a significant step towards sustainable marine fisheries and combating illegal fishing activities. She emphasized the importance of eliminating illegal, unreported, and unregulated (IUU) fishing to advance global food security.
World Bank launches global programs tackling major development issues
By Globe Banner | Oct 21, 2024
The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.
World Bank highlights Panama's progress but stresses need for equity
By Globe Banner | Oct 21, 2024
Despite its status as a high-income country, Panama continues to grapple with significant inequality. The nation has made strides in reducing poverty and closing social gaps, yet challenges remain on the path to a more equitable society.
IMF board approves reforms reducing borrowing costs by $1.2 billion annually
By Globe Banner | Oct 21, 2024
The International Monetary Fund (IMF) Executive Board has concluded its review of charges and the surcharge policy, marking the first time these elements have been jointly assessed alongside commitment fees. This review is part of ongoing efforts to ensure that the IMF's lending policies are effective in supporting member countries amid global challenges.
Liechtenstein joins International Monetary Fund as its newest member
By Globe Banner | Oct 21, 2024
The Principality of Liechtenstein has officially joined the International Monetary Fund (IMF) as its 191st member. The membership was formalized when Prime Minister Daniel Risch signed the IMF's Articles of Agreement during a ceremony held in Washington, D.C., on October 21, 2024.
IMF reaches staff-level agreement with São Tomé for extended credit facility
By Globe Banner | Oct 21, 2024
The International Monetary Fund (IMF) has reached a staff-level agreement with São Tomé and Príncipe on an Extended Credit Facility (ECF) arrangement. This announcement follows discussions led by Slavi Slavov, the IMF Mission Chief for São Tomé and Príncipe, who visited the country from May 23 to June 5, 2024, and held subsequent virtual meetings.
Morocco-World Bank partnership strengthens one year after Marrakech Annual Meetings
By Globe Banner | Oct 21, 2024
One year after the Marrakech Annual Meetings, the collaboration between Morocco and the World Bank continues to grow. The meetings in Marrakech gathered global leaders and representatives from various sectors to discuss critical issues such as climate change, debt management, employment, and gender equality. During these discussions, the World Bank revealed its plan to work towards a world free of poverty on a livable planet.
IMF reaches agreement with Armenia on fourth review under Stand-By Arrangement
By Globe Banner | Oct 21, 2024
An International Monetary Fund (IMF) team, led by Iva Petrova, conducted discussions in Yerevan from September 18 to October 1, 2024, followed by virtual meetings regarding the fourth review under the Stand-By Arrangement (SBA) with Armenia. Ms. Petrova announced that a staff-level agreement has been reached with Armenian authorities on policies for completing this review.
Global North's role in addressing climate risk in developing nations
By Globe Banner | Oct 21, 2024
As the impacts of anthropogenic climate change continue to escalate, developing countries face heightened risks from extreme weather events.
Crecer Sano Project tackles malnutrition among Guatemala's indigenous communities
By Globe Banner | Oct 21, 2024
Guatemala faces significant challenges with chronic malnutrition, particularly in its indigenous communities. Nearly half of the country's children under five suffer from stunting, a condition exacerbated by poverty and limited access to healthcare. In response, the Crecer Sano Project was initiated in 2017 to address these issues, focusing on the first 1,000 days of life.
Yuanta's initiative brings joy to children with immersive tech experience
By Globe Banner | Oct 21, 2024
Yuanta Financial Holding Company and the Yuanta Cultural and Educational Foundation organized the "Yuanta Happiness Day" event on October 19, 2024.
Preqin announces growth and optimism in India's infrastructure sector
By D. D. Diggs | Oct 18, 2024
Preqin has announced that India's infrastructure sector is experiencing notable growth and investment, driven by increasing development demands and enhanced participation from private capital. Global investors maintain a positive outlook on the sector's future.
Chainalysis report analyzes global trends in crypto adoption
By Globe Banner | Oct 18, 2024
Chainalysis, a prominent blockchain analytics firm, has released a report examining global cryptocurrency adoption trends. The report highlights the factors driving growth and the evolving regulatory landscape in key regions. Chainalysis published the report on October 17.
Pakistani Federal Law Minister: Fmr. Prime Minister’s criminal convictions disqualify him from Oxford chancellorship and ‘Pakistan’s highest office’
By Globe Banner News Service | Oct 18, 2024
Pakistan's federal law minister said that the criminal convictions that recently disqualified former Pakistani Prime Minister Imran Kahn from the Chancellorship of Oxford University also make Kahn unfit ‘to govern an entire nation.’
DDG Ellard stresses WTO's role amid geopolitical tensions
By Globe Banner | Oct 18, 2024
In a recent address, DDG Ellard emphasized the critical role of the World Trade Organization (WTO) in fostering global cooperation amid rising geopolitical tensions. She highlighted the WTO's unique platform that allows all its members, regardless of size or development status, to have an equal voice in shaping global trade rules.
Suriname joins World Bank's International Development Association as 175th member
By Globe Banner | Oct 18, 2024
Suriname has officially joined the World Bank Group's International Development Association (IDA), becoming its 175th member. This development marks a notable step in Suriname's ongoing efforts to enhance its economic and environmental resilience.
IMF completes first review under extended credit facility for Ethiopia
By Globe Banner | Oct 18, 2024
The International Monetary Fund (IMF) Executive Board has completed the first review of Ethiopia's 48-month Extended Credit Facility (ECF) arrangement. This decision enables an immediate disbursement of approximately US$340.7 million, aiding Ethiopia in meeting its balance of payments needs. With this development, total disbursements under the arrangement have reached about US$1.363 billion.
WTO supports trade-focused events at COP29 in Baku
By Globe Banner | Oct 18, 2024
The World Trade Organization (WTO) Secretariat will actively support trade-focused events at the upcoming COP29 conference in Baku. The Director-General is scheduled to participate in the World Leaders Climate Action Summit on November 12-13, along with several high-level events at the COP29 Trade and Investment House and other venues. During the conference, the Secretariat, along with its partners, plans to launch several publications.
Uber's latest initiatives aim to elevate driver respect and earnings transparency
By D. D. Diggs | Oct 18, 2024
Uber has announced a series of new features aimed at enhancing the experience for its 7 million monthly drivers and couriers. These updates focus on improving safety, fairness, and user-friendliness.